NEITI Audit Pitches Finance Ministry Against NNPCL Over $3bn Loan, $722.6m NLNG Dividends
• Ministry blames NNPCL, NUPRC for withholding records as Senate orders fresh reconciliation Sunday Aborisade in Abuja Federal Ministry of Finance and Nigerian National Petroleum Company Limited (NNPCL) were on
The Federal Ministry of Finance is at odds with the Nigeria National Petroleum Company Limited (NNPCL) over disagreements regarding a $3 billion pre-export financing loan, $722.6 million in dividends from Nigeria Liquefied Natural Gas (NLNG), and related expenditures. These financial matters were brought to light by the Nigeria Extractive Industries Transparency Initiative (NEITI) in its 2021-2023 Oil and Gas Sector Audit Report.
The Ministry of Finance accused NNPCL and other agencies of not providing crucial financial records necessary to address NEITI's queries. Permanent Secretary of the Ministry, Mr. Raymond Omachi, explained this lack of cooperation during a Senate Public Accounts Committee hearing. The committee, chaired by Senator Ibrahim Dankwambo, questioned the ministry on when the forensic audit report, commissioned to resolve these financial issues, would be completed.
The audit firm, Arthur Andersen LLP, was tasked with conducting the forensic audit. The committee urged the finance ministry to convene a joint meeting with NNPCL, NUPRC, and other relevant agencies to resolve the outstanding financial disputes, emphasizing the international community's interest in Nigeria's extractive sector finances.
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